Iraqi News Highlights and Points to Ponder Wednesday AM 5-15-24

Iraqi News Highlights and Points to Ponder Wednesday AM 5-15-24

Parliamentary Finance Indicates Government Negligence Regarding The Budget

Economy  Information/Baghdad..   Member of the Parliamentary Finance Committee, MP Hussein Moanis, confirmed on Tuesday that delaying sending amendments to the 2024 budget schedules to Parliament is a negligence on the part of the government.

Mu'nis told Al-Maalouma, "Extending the legislative term of the House of Representatives for a month was aimed at allowing the government to complete and implement amendments to the special schedules for the 2024 budget and send them to Parliament within this period."

He added, "The committee believes that the delay in sending the schedules is negligent and cannot last longer due to the governorates and state sectors' need for funds to implement projects," indicating that "the committee is still waiting for them to be sent in order to study them and present them to the council for a vote."

The House of Representatives decided to extend the current legislative term for a period of 30 days, in order to wait for the 2024 budget schedules to be sent from the government and to resolve the crisis of electing a new Speaker of the House of Representatives. Ended / 25 AD   LINK

A Government Meeting To Review The 2024 Budget Schedules

Money  and business  Economy News – Baghdad Today, Wednesday, the Minister of Planning, Muhammad Ali Tamim, chaired a ministerial meeting to review the schedules of the federal general budget for the year 2024.

A statement from the ministry received by “Al-Iqtisad News” stated, “Today, the Minister of Planning, Muhammad Ali Tamim, chaired a meeting of the committee concerned with reviewing the schedules of the federal general budget for the year 2024, in the presence of the Minister of Oil, Hayan Abdul-Ghani, the Minister of Construction, Housing, and Municipalities, Benkin Rikani, the Minister of Electricity, Ziad Ali Fadel, and the Prime Minister.

” The Office of Financial Supervision, Ammar Sobhi, the Prime Minister’s advisors for legal, economic and strategic affairs, the head of the legal department in the General Secretariat of the Council of Ministers, and also a delegation from the Kurdistan Regional Government, which included the Minister of Finance, the head of the Office of the Regional Council, the Secretariat of the Council of Ministers and the head of the Coordination and Follow-up Department.” .

He added, "During the meeting, a number of files were discussed on the agenda, including a discussion of the transfer mechanism for the Kurdistan Regional Government's allocations within the budget tables, especially with regard to employee compensation, social care, and regional government revenues, and the mechanism for handing them over to the federal government according to what was stated in the Federal Court's decision and the law." Financial management, and the state’s general budget law.”

He continued, "The meeting also discussed the discussion of maximizing revenues to reduce the percentage of the deficit contained in the general budget by creating legal texts to include electricity sales and local oil sales as revenues in the budget tables." Views 65 05/15/2024 - https://economy-news.net/content.php?id=43451

Al-Sudani Told An American Official: The Government Is Proceeding With Economic And Financial Reform

Political | 02:24 - 05/15/2024 Mawazine News - Baghdad  Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that the government’s efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of an ideal investment environment

Al-Sudani’s media office stated in a statement received by Mawazine News that “Al-Sudani received US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette, in the presence of the US Ambassador to Iraq,” noting that “the meeting reviewed the most prominent files of cooperation in the field of energy, in all its forms, and ways to develop it.” “In a way that contributes to achieving common interests.”

The Prime Minister stressed “the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials,” referring to the memorandums of understanding that were signed during his visit to The United States of America last April, which is being implemented on the ground.”

Al-Sudani pointed to "the government's efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq."

For his part, Payet praised the efforts of the Iraqi government in developing the energy sector, noting that “the joint statement by Prime Minister Muhammad Shia al-Sudani and US President Joseph Biden represented a road map and a framework for fruitful work and cooperation.”

He stressed “the desire of American companies to invest and expand their activities within Iraq"

https://www.mawazin.net/Details.aspx?jimare=248040

Al-Sudani Calls On American Companies To Work And Invest In Iraq

Policy - 2024-05-15  Today, Wednesday, Al-Akhbariya - Baghdad,  US Assistant Secretary of State for Energy Resources Affairs, Jeffrey Payette, confirmed on Wednesday the desire of American companies to invest and expand their activities inside Iraq.

The media office of Prime Minister Muhammad Shiaa Al-Sudani stated in a statement received by Al-Youm Al-Akhbariya that “Al-Sudani received US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette, in the presence of the US Ambassador to Iraq,” noting that “the meeting reviewed the most prominent files of cooperation in the field of energy, In all its forms, and ways to develop it, in a way that contributes to achieving common interests.”

Al-Sudani stressed, “The government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials,” referring to the memorandums of understanding that were signed during his visit to the United States of America. Last April, which is being implemented on the ground.”

Al-Sudani pointed to "the government's efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq."

For his part, Payet praised the efforts of the Iraqi government in developing the energy sector, noting that “the joint statement by Prime Minister Muhammad Shia al-Sudani and US President Joseph Biden represented a road map and a framework for fruitful work and cooperation.”

He stressed “the desire of American companies to invest and expand their activities within Iraq".

https://today-agency.net/Details/11004#hathalyoum

The President Of The Republic: Iraq Is Facing A New Stage And Horizons Of Growth And Economic Development

Baghdad - IA   The President of the Republic, Abdul Latif Jamal Rashid, confirmed today, Wednesday, that Iraq is facing a new stage and horizons of growth and economic development.

The Presidency’s Media Department stated, in a statement received by the Iraqi News Agency (INA), that “The President of the Republic, Abdul Latif Jamal Rashid, received today at Al-Salam Palace in Baghdad, the Vice President of the World Bank for the Middle East and North Africa, Othman Dion, and his accompanying delegation, where the President welcomed... At the beginning of the meeting, the delegation also congratulated Dion on the occasion of assuming his position.

The President of the Republic explained "the importance of strengthening relations between Iraq and the World Bank, noting" the necessity of working to consolidate cooperation and joint coordination in the financial, monetary and technical sectors in a way that strengthens the Iraqi economy.

He pointed out that "Iraq is facing a new stage and horizons of growth and economic development," stressing that "the government's ministerial program includes the implementation of construction and reconstruction projects and infrastructure development."

The President of the Republic stated that "one of our priorities is to establish security and stability in the country because it is the starting point for achieving comprehensive development, developing the economy, investing, and undertaking strategic projects that serve citizens and improve their living conditions," noting that "Iraq is full of human energies, competencies, and expertise."

For his part, Othman Dion expressed his happiness at visiting Iraq and learning directly about the situation in Iraq, praising "the progress that has been achieved."

He also reviewed the work of the World Bank in Iraq in the fields of water, energy, and reducing unemployment.   https://www.ina.iq/208846--.html#hathalyoum

New Policies May Push Iraq To Add 75 Thousand Barrels Of Oil Per Day To Its OPEC Quota

Economy - 2024-05-15   Kazakhstan later on Tuesday opened a thorny debate over OPEC+ production levels, saying it believes it should be allowed to pump more oil in 2025, when all of the producers' group's current production cuts end.

OPEC+ commissioned three companies - IHS, Wood Mackenzie and Rystad Energy - to assess the capabilities of all members for use in reference production - figures by which production cuts or increases are calculated - from 2025. The reviews are scheduled to take place by 2025. End of June.

As a result, the issue will not come up at the June 1 meeting, allowing the group to decide on policy for the rest of 2024 more easily, five OPEC+ sources said. But it also means the June meeting won't give the market much policy guidance for 2025, when all the current cuts end.

One OPEC+ source who requested anonymity said: “Figures related to production capabilities will not be presented at the June meeting,” adding that “the reason is that some countries have not fully concluded their discussions with secondary sources.”

The UAE is expected to gain up to 180,000 barrels per day of additional capacity until 2027, while Kazakhstan is expected to gain up to 80,000 barrels per day of new capacity, according to estimates by JPMorgan. Iraq can add another 50 to 75 thousand barrels per day.

The International Monetary Fund estimates that Saudi Arabia needs an oil price of $96.20 this year to balance its budget, then falling to $84.70 in 2025.

Iraq's budget needs an oil price of $90 next year, and Algeria and Kazakhstan need prices well above $100. dollar.   https://today-agency.net/Details/10951

Goldilocks' Comments and Global Economic News Tuesday Evening 5-14-24

Goldilocks' Comments and Global Economic News Tuesday Evening 5-14-24

Good Evening Dinar Recaps,

Prudential treatment of cryptoasset exposures | BIS

"The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 13 May 2024."

During this meeting, they set up a new Basel 3 standard timeline for crypto asset implementation.

The new timeline was moved from January 1st, 2025 to January 1st, 2026. It is expected that 2/3s of our crypto assets will be done by the end of this year.

The committee wanted to reiterate that the expectation is for these crypto assets to be implemented into Basel 3 "as soon as possible."

It is important to know that the bank's exposure to tokenized traditional assets, stablecoins, and unbacked cryptoassets is still set for January 1st, 2025.

It is the crypto assets standards that will continue on until January 1st, 2026.   BIS

© Goldilocks

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"UAE: Liv Digital Bank enters tokenization deal targeting Gen Zs" | CoinGeek

We are moving at a rapid pace at this point in the tokenization of our assets around the world.

You are going to notice the word digital added to many banking titles and companies going forward. Old traditional assets have been reformed into digital assets.

Hong Kong is leading the way in the digital asset transformation, and the innovation of our new banking system on a global scale is in its final stages there.

Hong Kong is presently finishing up many of their pilot programs, and their movement forward will lead our way into the new digital age.

© Goldilocks

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Franklin Templeton CEO: All Investment Funds Going Blockchain | Crypto Times

"Jenny Johnson, CEO of the $1.6 trillion asset management giant Franklin Templeton, stated that all exchange-traded funds (ETFs) and mutual funds will eventually migrate to blockchain technology."

I know we have gone over this several times, but this gives you an idea of how much money is transferred into blockchain technology. 

This is just one of many companies that are doing the same as we speak.

Institutional money and institutional integration are beginning to take place on the blockchain at larger magnitudes indicating that the new digital economy is moving towards mass adoption.

© Goldilocks

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U.S. banks undertake blockchain experiment | Investment Executive

"The U.S. financial sector is exploring the idea of tokenizing various financial instruments, including U.S. Treasuries, wholesale central bank money, and commercial bank money, which would enable transactions in these instruments to settle on a single shared ledger.

Currently, transactions in various components of the wholesale financial system all take place on separate systems. A new project will examine the concept of tokenizing these instruments to facilitate settlement on a single platform, under existing legal frameworks.

SIFMA is serving as project manager, with participation from several large financial institutions including Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp.

Other project contributors include the Bank of New York Mellon, Broadridge, DTCC, the International Swaps and Derivatives Association, Tassat Group, and the MITRE Corp"

I want to point out that this article is sharing with us how this new experiment is being conducted on the Swift System and the new Digital Ledger Transmission System (DLT) Ledger.

This indicates that the movement of foreign currency exchange services is transitioning from wire services that can take days for transmissions to occur to electronic exchange services that are done in a matter of seconds and far more cost-efficient.

This is what my banker friend was referring to yesterday as to why her friend was going through foreign exchange services training.

© Goldilocks

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Tokenizing assets on a scalable blockchain | Naeem Aslam, Antonino Sardegno, Stas Trock | Youtube

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Swarm Markets (SMT) Price Today, News & Live Chart | Forbes Crypto Market Data

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READ HERE:

...by the Securities and Exchange Commission
H.J. Res. 109 would invalidate SEC Staff Accounting Bulletin 121 (SAB 121), which reflects considered SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets.   6 days ago

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SEC issues SAB 121 on digital asset custodial obligations | KPMG

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👆The US is still working on who has governing power over these digital assets. This is why many Governments are moving ahead of the United States in the mobilization of the new digital economy.

This is why the MICA regulations are so important for us to finish. It will give more clarity and government power to authentic leaders in government to facilitate the movement of our new digital economy.  House Financial Services

© Goldilocks

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US Department of Treasury, Pacific Northwest National Laboratory, and Cloudflare Partner to Share Early Warning Threat  | CoudFlare

San Francisco, CA, May 9, 2024 – Cloudflare, Inc (NYSE: NET), the leading connectivity cloud company, today announced a partnership with the United States Department of Treasury and Pacific Northwest National Laboratory (PNNL) under the Department of Energy to improve the cyber resilience of the financial services industry by sharing an advanced threat intelligence feed through Cloudflare. With this new offering, financial services institutions that are using Cloudflare Gateway now have privileged access to Custom Indicator Feeds that share threat indicators and enable direct action to be taken, to better defend against ransomware, phishing, and other threats.

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Ranking Member Waters Statement on Resolution to Overturn SEC’s Guidance on Crypto Assets: H.J. Res. 109 “Would Have Broad and Negative Consequences for All Public Companies and Their Investors, with Implications for the Entire Securities Market, Not Just Crypto.” | U.S. House Committee on Financial Services Democrats

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May 9, 2024
Tokenized Real-World Assets: Pathways to SEC Registration

By: Ryan Mitteness, Ryan M. McRobert, Andrew T. Albertson

What You Need to Know

Global demand for Tokenized Real-World Assets (RWAs) is growing rapidly in the decentralized finance (DeFi) community and traditional finance industry.

Tokenized RWAs allow legal ownership or rights to traditionally illiquid assets to be digitalized and traded on digital platforms, leading to expedited settlements and potentially reduced operating costs.

Regulatory hurdles have slowed adoption in U.S. markets where companies have to navigate existing securities laws and often lengthy review processes by the Securities Exchange Commission (SEC).

While a clear preferred registration pathway through the SEC for tokenized RWAs has yet to emerge, there are various potential approaches issuers of RWAs may explore for broadly marketed offerings in the United States.   Fenwick 

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ETFs and mutual funds are all going to be on blockchain, says Franklin Templeton CEO - Ledger Insights - blockchain for enterprise | LedgerInsights

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Thank you everyone for your participation in this room. I thought I would give you an idea of the statistics that actually take place in this room. This is the current total.

It is important to note that almost 50% of the people in this room actually come to it every day. This is very rare due to the fact that most people join rooms and then move on to others.

What you are looking at above is an active room where people realize and know that the information being shared is important, and I take this room and the lives of the people within it as an important piece instilled within my heart of prayer each and every day as I write to support and encourage all of us to move forward in faith, hope, and love.

© Goldilocks

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ECB conducts first DLT trials for wholesale central bank money settlement | FinExtra

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Report on OTC derivatives data reporting and aggregation requirements   

READ HERE: 

The final regulations come into operation on 21 October 2024, introducing the UPI, UTI, CDE and ISO 20022 in reporting.10 hours ago

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Miami Federal Court Orders Multiple Individuals and Entities to Pay Over  $225 Million for Foreign Currency Fraud and Misappropriation Scheme | CFTC

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May 14, 2024

Washington, D.C. — The Commodity Futures Trading Commission today announced the Honorable Darrin P. Gayles of the U.S. District Court for the Southern District of Florida issued an order of default judgment against four individuals and five companies (nine defendants): Jase Davis of Brandon, Mississippi; Borys Konovalenko of Ukraine; Anna Shymko of Duluth, Georgia; Alla Skala of Grand Island, New York and/or Fort Erie, Canada; Easy Com LLC d/b/a ROFX, a New Hampshire LLC; Global E-Advantages LLC a/k/a Kickmagic LLC d/b/a ROFX, a Delaware LLC and New York foreign LLC; Grovee LLC d/b/a ROFX, a Delaware LLC; Notus LLC d/b/a ROFX, a dissolved Colorado LLC; and Shopostar LLC d/b/a ROFX, a Colorado LLC.

The default judgment order stems from the CFTC’s August 31, 2022 amended complaint charging the nine defendants and defendant Timothy F. Stubbs with fraud, misappropriation, and registration violations in connection with a fraudulent foreign currency (forex) scheme. [See CFTC Press Release Nos. 8486-22  and 8790-23]

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DTCC Comments on Industry’s Affirmation Progress | DTCC

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H.R.4766 - 118th Congress (2023-2024): Clarity for Payment Stablecoins Act of 2023 | Congress Gov

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Using MRI, engineers have found a way to detect light deep in the brain | MIT News | Massachusetts Institute of Technology

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Some “Tuesday News” Posted by Clare at KTFA

KTFA:

Clare: Al-Sudani announces the imminent formation of a directorate concerned with the affairs of the Iraqi community in the world

5/14/2024

Prime Minister Muhammad Shiaa Al-Sudani announced, on Tuesday, the imminent formation of a directorate in the Prime Minister’s Office concerned with the affairs of the Iraqi community in the world.

This came during his meeting with the delegation of the General Synod of the Evangelical Seventh-day Adventist Church, headed by Pastor Magdel Izer Schulz, Assistant President of the Church in the World, and his accompanying delegation.

Al-Sudani explained that the goal of forming this directorate is “in order to maintain communication (i.e., the Iraqi community) with their country, and to benefit from their experiences in construction and reconstruction.”

The Prime Minister also expressed the government's readiness to cooperate in reopening the Seventh-day Adventist Church in Baghdad, as part of its care for the members of this sect and other sects.   LINK

Clare: Nechirvan Barzani makes a new visit to Baghdad to meet with Al-Sudani

5/14/2024

The official spokesman for the Presidency of the Kurdistan Region, Dilshad Shihab, said that Nechirvan Barzani, President of the Kurdistan Region, is visiting Baghdad today, Tuesday.

Regarding the visit program, Shehab indicated in a statement published on the official website of the regional presidency today, that President Nechirvan Barzani will meet with the Federal Prime Minister of Iraq, Muhammad Shia al-Sudani, to discuss Erbil-Baghdad relations and issues of common interest.

At the end of last April, the President of the Region made a visit to the federal capital, Baghdad, and held meetings with the Presidents of the Republic, the ministers, and a group of political party leaders. He also participated in a meeting of the State Administration Coalition.  LINK

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Clare:  The automobile trade announces a new mechanism to open production lines with international companies

5/14/2024 Baghdad

The General Company for Automotive Trading revealed today, Tuesday, that it is adopting a new mechanism to open production lines with international companies, while indicating a move to equip the departments with vehicles and equipment.

The Director General of the company affiliated with the Ministry of Commerce, Hashim Al-Sudani, said in an interview with the Iraqi News Agency, followed by Al-Eqtisad News, that “theGeneral Company for Automotive Trade seeks to equip state departments with
machinery, equipment, and vehicles of various types and from well-known international origins.”

He added that "contracts were concluded with state departments, in addition to participation in tenders announced by the ministry," indicating that "the company's future plans aim to achieve real partnerships with the manufacturer directly and not with the middle merchant or agent, so that the company is the official representative of the manufacturing companies." Inside Iraq, visits were made to automobile factories in Brazil and Europe, in addition to Spanish, Italian and French companies.”

He pointed out that "the company's plan is moving towards agreement with these companies and seeking to open production lines in agreement with the Ministry of Industry and Minerals and opening factories to produce these machines and equipment inside Iraq, especially after the decision to implement the development path, as it will open horizons and facilitate trade, and Iraq will be the focus of the world's attention."   LINK

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Clare:  Iraq increases its possession of gold by more than three tons, bringing the total to "145,661" tons

5/14/2024

Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that "Iraq has increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons."

This increase indicates "Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term."

Gold is a traditional safe haven for investors, especially during periods of economic and geopolitical uncertainty.

This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after Saudi Arabia, Algeria, and Morocco.

In general, this increase in Iraq's gold reserves is considered a positive indicator of the health and strength of the Iraqi economy.  LINK

DeepWoodz:  Just a heads up. This should read 145 tons. The comma is a decimal. But yall prolly knew that. 

Clare:  Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules

5/14/2024

 Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed that an “extraordinary” session of the Council be held next Sunday, to discuss the federal budget schedules for the year 2024.

This came during his presidency of the twentieth regular session of the Council of Ministers, during which the general situation in the country was discussed, and a number of vital files included within the government’s program were discussed, in addition to considering the topics on the agenda and taking the necessary decisions regarding them.

A statement from Al-Sudani’s office, a copy of which was received by NRT Arabic, stated that the Prime Minister directed that an extraordinary session of the Council be held next Sunday, May 19, to discuss the federal budget schedules for the year 2024.

He directed the formation of a committee headed by a representative of the Ministry of Planning and membership of representatives of the Ministry of Finance, the Council of Advisors, the General Secretariat of the Council of Ministers, and the Federal Public Service Council, which will re-examine (the draft Public Service Institute Law) and submit its recommendations within one working month to the Council of Ministers to take the appropriate decision.

Based on the directives of Prime Minister Muhammad Shiaa Al-Sudani, issued in February 2023, the Council of Ministers approved proceeding with the procedures for evacuating and opening the military zone (known as the Fifth Division) in the city of Kadhimiya, and converting its land into recreational, educational and cultural facilities, hotels, hospitals, health and medical centers, sports stadiums, and a defense center.

 The city and cities for visitors, according to an integrated architectural vision, and a special conference will be held on this topic, and specialized international companies will be approved to implement these vital and important projects, which will serve the city’s people and visitors. As part of implementing the government’s approach, which aims to restart lagging projects and address the problems and obstacles they face, the following was approved:

Firstly, changing the name of the project (Rehabilitation of the Martyr Othman Al-Obaidi Hall) to become (Rehabilitation of the Martyr Othman Al-Obaidi Hall - Method of Implementation: Secretariat), and increasing the total cost of the project.

Secondly: Increasing the total cost and the amount of reserve for the project (constructing the second corridor of the road leading to the Tarmiyah District, with a length of 15 km).

Third: Increasing the total cost of the project (equipping, installing, inspecting and operating the Al-Kahla secondary mobile in Al-Kahla district). Fourth: Creating a component (the remaining works for the project to expand the Tourism Department building in Holy Karbala/the Center).

In the field of the educational sector, and in order to speed up the process of printing textbooks and provide them at the required times, the Council of Ministers approved the recommendations of the Audit Committee regarding the printing of textbooks as follows:

1- Authorizing the Ministry of Education to assign (Al-Nahrain General Company) to complete the work of printing school books and notebooks, and excluding it from the contracting methods stipulated in the Instructions for Implementing Government Contracts (2 of 2014) before holding any tender, in order to exploit its full production capacity and rely exclusively on its machines. Provided that the aforementioned Ministry shall provide full support to the company from the Central Education Fund to Al-Nahrain General Company in providing the necessary amounts to purchase the raw materials involved in the printing work at the specified times, in a way that ensures the completion of contracts from the company, in light of the instructions and controls, and is spent from the Fund’s funds.

2- Referring the remainder and surplus capacity of the Al-Nahrain General Company, using the public tender method, to the public and private sector printers at an amount of (50%) for each, provided that a schedule worth two billion dinars is allowed for each company, without being restricted by the number of titles, and that the books reach the students within the timings. Determined before the start of the school year.

3- Obliging the Ministry of Education to adhere to the financial allocations included in the 2024 estimates tables upon contracting, and the Ministry of Finance must provide funding to ensure the Ministry of Education’s commitment to fulfilling its contractual obligations and delivering books to students within the specified times before the start of the academic year. 

4- Continuation of implementation of Cabinet Resolution (23424 of 2023) so that the period between referral and signing of the contract will be (5) working days for textbook printing contracts, without the need to issue a warning to the printing press that is reluctant to sign the contracts. 

The Council of Ministers approved the following:

1- The Ministry of Oil contracted with the Military Industrialization Authority to purchase machinery from its financial allocations, provided that the amount required for purchase, amounting to (76.150) billion dinars, would be divided among its extractive companies benefiting from the service of the Energy Police Directorate, in two stages:

 -The first phase (43.65) billion dinars.

 -The other stage (32.5) billion dinars, regarding the request for an M4 (Babylon) rifle weapon, will be considered later. The Ministry of Oil will gift these mechanisms to the Ministry of the Interior for the purposes of the tasks of the Energy Police Directorate, in accordance with the provisions of the instructions to facilitate the implementation of the General Budget Law, as an exception to the requirement that these goods be not purchased during the current year, and surplus to the need of the concerned department, according to the authority stipulated in the aforementioned instructions. above.

2. Excluding profitable, self-financed oil companies from work, from the decision of the Committee for the Restructuring of Public State-Owned Companies No. (1 of 2024), provided that the Ministry of Interior is responsible for the integrity of the procedures, the formation of opening committees, the analysis of bids, and the preparation of estimated costs for the subject of the research decision 

A vote was also taken to stop the exceptions granted to the Ministry of Electricity pursuant to Council of Ministers Resolution (24049 of 2024), and any text that conflicts with this decision shall not be implemented.

The Council of Ministers reviewed the financial data tables for the state’s account, based on the provisions of the amended Federal Financial Management Law (6 of 2019).

The Council also reviewed the annual report for the year 2023 of the Iraq Assets Recovery Fund, based on the provisions of Article (7) of the amended Iraq Assets Recovery Law (9 of 2012) .LINK

Iraq Economic News and Points to Ponder Tuesday AM 5-14-24

Iraq Economic News and Points to Ponder Tuesday AM 5-14-24

The Dollar Is Reeling From A Fatal Blow And There Are Fears Of A Collapse Of The Dinar
 
Time: 05/10/2024 Read: 33,332 times  {Reports: Al-Furat News} Report: Wafaa Al-Fatlawi
 
The fluctuation in dollar prices and the rise in gold prices has significantly affected the contraction of the commercial market in terms of imports and purchases of goods, amid confusion in opinions between the return of the rise in green and its decline to the official price set by the state of 1,320 dinars per dollar.
 
The price of the dollar in the parallel market is currently 1,460 dinars, whether higher or lower than this rate.
 
The Central Bank of Iraq's cancellation of the currency {auction} window at the end of 2024 and Washington's sanctions on Iraqi banks have opened a door of doubts that will end up placing the dollar in the face of speculation, which will make it vulnerable to demand after the recovery of the Iraqi dinar with government orders that limited dealing in the dinar to restrict the movement of the dollar.

While officials find that the establishment of the electronic platform and the level of regularity of the flow of external remittances responsible for financing private sector trade and the escalation of financing rates have reached very high rates through the compliance platform of banks active in this regard, and
 
the rise in gold prices is not considered a direct impact on the improvement of the exchange rate.
 
This was confirmed by the Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih {to Al-Furat News}, saying:
 
“Active positive factors have affected the recovery of the Iraqi dinar in the secondary exchange market,
 
foremost of which is the high level of regular flow of foreign remittances responsible for financing private sector trade and the escalation of Financing rates are very high through the compliance platform of active banks in this regard.” He explained,
 
"What this means is that the demand for foreign currency through official external transfer operations, which is responsible for 90% of the total desired demand for foreign currency, as most of it is now met at the official exchange rate of 1,320 dinars per one dollar, which gave the official market dominance over the market." Parallel to the exchange.” Saleh stated,
 
 “As for the developments taking place in the gold commodity market or gold filigree, especially the sudden price developments therein, up and down, they are not considered an alternative directly affecting the improvement of the exchange rate because they are limited in impact and impact on the movements of the parallel exchange market, and that
 
the main gold trade is financed as foreign trade through Transfers from the banking system and the official exchange market.
 
Contrary to the government opinion, the Parliamentary Finance Committee supported the theory of doubts and confirmed that the dollar would reach {200} thousand dinars with the cancellation of the currency auction.
 
Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar Al-Janabi, said {to Al-Furat News} that
 
“the Central Bank’s decision to cancel the currency auction at the end of the year will open space for exploitation and a problem will occur.

If the auction is canceled and ends, the exchange rate in the markets may double, and
 
if the Central Bank goes towards this option, the dollar exchange will "It will reach 200 thousand dinars," according to his opinion. I am certain that
 
 “it will open space for speculators to exploit the matter.
 
The current price is higher than the official price, despite the sale of approximately $250 million per day. So what if the auction stops?”
 
In light of this, economists expected that the demand for the dollar would continue to exceed supply,

thus leading to a re-depreciation of the dinar, due to the central bank’s limited ability to provide coverage.
 
Economist Manar Al-Obaidi said in a statement,
 
“The demand for the dollar depends primarily on commercial transactions and covering imports.
 
The greater the demand for imports, the higher the demand for the dollar, and
 
with the central bank’s limited ability to cover this demand as a result of the set limits, it is expected to continue.”
 
Demand is greater than supply and thus leads to a decline in the price of the dinar against the dollar.” He added,
 
"An observer of the exports of the main countries exporting to Iraq notices an increase in the value of these countries' exports, as the value of Turkish exports to Iraq increased by 30% in the first quarter, while Chinese exports to Iraq increased by 20% in the first quarter, as well as the exports of other countries such as the Emirates, India, Iran, and Brazil."".
 
Al-Obaidi attributed the reasons for this increase to five basic factors:
 
1- The rise in global inflation, which led to an increase in the values ​​of various commodities in various exporting countries.  

2- Inflation of invoices, as some merchants agree with the processing party to inflate invoices to obtain transfers in higher amounts. In order to resell the converted dollar in those markets  
 
3- The change in the consumption pattern of the Iraqi citizen and the high population growth rates that increase the demand for various commodities, which increases demand
 
4- The increase in government agreement as a result of the increase in operational and investment expenses
 
5- The lack of a capable local industry To compete with the imported product as a result of high costs. Al-Obaidi added,
 
 “These four reasons are mostly due to the loss of tools to control the state’s financial policy (taxes + customs + control of expenditures).
 
In order to control this significant rise in the value of imports, which leads to an increase in demand for the dollar, customs and tax policy must be changed.”
 
"For many sectors, there is a need to possess the tools capable of implementing these policies in a more effective and productive manner." Al-Obaidi added,
 
"Continuing the import bill will lead to an increase in demand for the dollar and thus an increase in its price in the parallel market, which is what many of those who benefit from the low official price are looking for.
 
The inability to control imports and the loss of control over financial policy tools will put the state in front of a single solution."
 
There is no second option, which is the use of monetary policy, which is something that many economic specialists do not favor, and
 
they prefer to always focus on controlling financial policy.”
 
As the Hajj season approached, the Central Bank stopped selling the dollar to travelers, and to find out its reasons, the former director of the Financial Supervision Bureau, financial expert, Salah Nouri, said {to Al-Furat News} that
 
“the recent Financial Supervision Bureau report, which was covered by satellite channels, about violations in the sale of the dollar to travelers, is a major reason to review the procedures and address them.” The defect in the transfer system, and stopping until the situation is corrected.”

In the same context, the economic expert, Safwan Qusay, revealed the leakage of travelers’ dollars to the parallel market. Qusay said {to Al-Furat News},
 
 “The current policy of the Central Bank of Iraq goes towards auditing the cash dollar, which was marred by many failures in the first periods, especially its leakage through travelers to the irregular market, and
 
this issue needs a new and clear mechanism.” He added,
 
"It is assumed that travelers are dealt with through tourism and airline companies, and the travel ticket is not allowed to be canceled unless the traveler returns the amount he purchased from exchange outlets or banks." Qusay stressed that
 
"this measure will restore confidence in the cash dollar and the possibility of facilitating the mission of real tourists and filling the gaps that accompanied the process of establishing the electronic platform for the cash sale of foreign currencies." He stated that
 
"the Central Bank will not hesitate to provide the dollar to those entitled to it, whether at the level of Hajj or other windows," noting that
 
"the Central Bank's emphasis on procedures for granting citizens the cash dollar ensures that it reaches those who need it."
 
Meanwhile, travelers expressed their surprise at the Central Bank’s decisions to prevent government banks from selling dollars to travelers. Travelers said, via {Al-Furat News}:
 
 “We are surprised by the Central Bank’s decisions to prevent government banks from selling the dollar to travelers and monopolizing it only with financial transfer and exchange companies.”
 
Travelers called on Parliament and members of the Parliamentary Finance Committee to “intervene and solve the problem and allow government banks to carry out the process of selling the dollar, especially in conjunction with the delegation of pilgrims to the Holy House of God, and they need to buy the dollar at the official price.”   
 
https://alforatnews.iq/news/الدولار-يترنح-بضربة-قاضية-ومخاوف-من-انهيار-للدينار  

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

“Tidbits From TNT” Tuesday 5-14-2024

TNT:

Tishwash:  International Monetary Fund: We do not rule out the collapse of the global monetary system

The Executive Director of the International Monetary Fund for Russia, Alexei Mugin, said that he does not rule out the possibility of the collapse of the current global monetary system.

In an interview with the "Novosti" agency, Mogin asked: "Is there a possibility of the collapse of the global monetary system? It seems to me that such a possibility actually exists."

The expert stated that the currently existing system relies on confidence that dollar assets are safe, but central banks, institutions, and even families have already begun to sell dollar assets and buy gold, due to growing lack of confidence in their safety.

Mogin warned of chaos in the global economy, and said: “Once this confidence is lost, a period of chaos will occur in the global economy.”

Last April, the International Monetary Fund warned, in its financial monitoring report, that the debts of the United States and China pose a threat to global finances.

The rise in US public debt and the dependence of global trade on the dollar raises concerns among experts and a number of countries around the world.

Data issued by the Treasury Department, earlier this month, revealed that the US budget deficit exceeded one trillion dollars in the first six months of the fiscal year, partly paid for by the rise in interest on public debt.  link

Tishwash:  Iraq increases its gold holdings by more than three tons, bringing its reserves to more than 145 tons

Iraq’s gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

This increase indicates Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.

Gold is a traditional safe haven for investors, especially during periods of economic and geopolitical uncertainty.

This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after Saudi Arabia, Algeria, and Morocco.

In general, this increase in Iraq's gold reserves is considered a positive indicator of the health and strength of the Iraqi economy.  link

************

Tishwash:  Chinese companies are delving into the field of exploration in Iraq.. What about American and European companies?

Iraq aspires to increase oil reserves to more than 160 billion barrels, and to do so it has launched a group of projects to increase production, opening the door to more investments in the field of exploration.

In this context, Chinese companies have emerged as a major player, after a number of companies won more new investments to explore oil and gas fields in Iraq as part of a licensing round to develop the oil and gas sector in the country launched by the Ministry of Oil.

The licensing round included 29 projects, aiming to increase production for local consumption. More than 20 companies qualified for the licensing round, including European, Chinese, Arab and Iraqi groups. The only Chinese companies among the participating foreign companies were able to obtain investments in the licensing round that began on Saturday, and this This means that there are no major American oil companies participating. 

The list of Chinese companies that recently won the new bids, according to what was announced by Iraqi Oil Minister Hayan Abdul Ghani on Sunday, included: the Chinese company “CNOOC Iraq” , which won the investment to develop Block 7 for oil exploration, extending over an area of ​​6,300 square kilometers across the provinces of Diwaniyah. Babil, Najaf, Wasit, and Muthanna in the center and south of the country.

Zhenhua , Anton, and Sinopec also won investments to develop the Abu Khaimah fields in Muthanna, Al Dhafriya in Wasit, and Sumer in Muthanna, respectively.

*Support competition

In turn, the director of the Iraqi Center for Studies, Ghazi Faisal, confirms in a press statement that “China is in fact in a state of widespread economic competition with America, the European Union countries, Britain, and with various international economic powers,” noting that “China enjoys broad economic influence in the fields of Investment, loans and financing, with the aim of ensuring energy security and covering its daily needs - which are estimated at about 11 million barrels per day, the volume of China’s imports - other than gas.”  

 He added, "The Middle East and the Arabian Gulf region is one of the strategic regions for China... and therefore competes with American and regional companies in the field of gas, energy, and manufacturing industries," noting that "the Middle East region possesses enormous wealth, especially Iraq, which alone possesses more than $20 worth of wealth." A trillion dollars in minerals are still uninvested, and major companies can compete to enter into large-scale investments, in addition to gas and oil reserves, as Iraq is the second largest oil reserve after Saudi Arabia.”  

He explains that "this Chinese activity in Iraq comes within the framework of the current international economic competition," noting that "China is competing in particular with American and European companies to provide the best." 

Faisal adds, "China's activity comes within the framework of legitimate competition in international economic relations, to obtain the best gains and to guarantee China's interests and needs for minerals and energy in light of its possession of the best advanced technology in various industries." 

According to official Chinese data, issued by the General Administration of Customs, Beijing’s imports of crude oil reached their highest levels ever in 2023 as demand for fuel recovered after the decline resulting from the Corona pandemic, despite the economic headwinds. 

Imports increased by 11 percent compared to 2022 to 563.99 million tons, or the equivalent of 11.28 million barrels per day, an increase from the previous record level recorded in 2020, which reached 10.81 million barrels per day. 

*Strategic objectives

For his part, the professor of economics in Iraq, Nabil Al-Marsoumi, explains in a press statement that “It is noted that China has broad control over the fields offered within the current licensing round for exploration that was put forward by the Ministry of Oil, and that most of the Chinese companies that won contracts are already present in Iraq.” ", adding that "the most important areas and fields that were awarded were owned by Chinese companies in particular."  

 He explained that "China's interest in Iraq is due to the presence of Baghdad as a global energy center and as one of the largest producers," adding that "China is a large importer of oil, and therefore it needs to secure energy supplies on a regular basis, and Iraq achieves this." 

He stressed that "Iraq is a suitable place for China in light of the ability of Chinese companies to harmonize with the Iraqi environment, thus supporting their ability to achieve strategic goals." 

On Saturday (May 11, 2024), the Iraqi Minister of Oil, Hayan Abdul Ghani, expressed his hope that the country’s oil reserves would exceed 160 billion barrels, during the launch of two rounds of new licenses to invest in 29 fields, in addition to exploratory patches of oil and gas. 

The two tours included exploration fields and areas in 12 governorates and areas located in Iraqi territorial waters. 

*An important investment environment

In addition, the Iraqi economic expert, Dr. Jaafar Al-Husseinawi, pointed out in a press statement that “There is no doubt that Iraq represents an important investment environment for all international companies because of its enormous natural resources of crude oil, major untapped gas reservoirs, large quantities of phosphate and sulfur, and so on.” that". 

He added, "Companies are flocking to Iraq - including Chinese companies - driven by the desire to achieve economic returns and real investment opportunities, from an economic standpoint." 

On the political level, Iraq's location is of particular importance in the region, and therefore China is trying to be present there and remove American control (influence). 

The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, said during the launch of the licensing round, “Iraq expects to obtain more than 3,459 million standard cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.” 

He added: "These strategic projects will contribute to increasing investments in these governorates, which will help improve their economic and service reality."

*Developed relationships

Mustafa Al-Bazarkan, an advisor on energy affairs, points out that “commercial and political relations between China and Iraq are “developed,” and there is popular support for the government’s steps to strengthen and develop bilateral relations, especially in light of popular positions opposed to strengthening relations with Washington and London. This was in the interest of the developed relations with China.” . 

He continues: “During the past two years, there has been more than one departure of American and Western oil companies from Iraq, which prompted Chinese companies to direct their investments and technical expertise to Iraq, the most recent of which was last Monday when a Chinese company won oil investments in the Jabal Sanam region on the border with Kuwait.” 

Crude oil sales constitute 90 percent of Iraqi budget revenues. But despite its enormous oil wealth, the country still depends on imports to meet its energy needs, especially gas to power electricity. 

Iraq, a founding member of OPEC, has announced its commitment, along with other countries, to voluntarily reduce production to support prices affected by economic uncertainty.

Iraqi Oil Minister Hayan Abdul Ghani said on Sunday (May 12, 2024) that Baghdad will adhere to the voluntary production cuts reached by the OPEC+ alliance at its next meeting on June 1.

The coalition includes the Organization of the Petroleum Exporting Countries (OPEC) and producers from outside it, led by Russia.

 The minister amends these statements from others he made on Saturday, saying that Iraq has made enough voluntary cuts and will not agree to any new cuts in production.  link

Mot: ... When Enough is Enough! -- Just Loves Karma I Do! 

Mot: . and da Word of da Day!! -- Spuddle !!!

MilitiaMan: Iraq Dinar - IQD Update - UN Chapter VII - $3 Billion Revenue - Trade Minister - Arab League - WTO

Iraq Dinar - IQD Update - UN Chapter VII - $3 Billion Revenue - Trade Minister - Arab League - WTO

MilitiaMan and Crew:  5-13-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=QdzMks2qKtc

Goldilocks' Comments and Global Economic News Monday Evening 5-13-24

Goldilocks' Comments and Global Economic News Monday Evening 5-13-24

Good Evening Dinar Recaps,

"The End Of The World Order And The Rise Of Trade Regulation"

Throughout the world, the US has been in process of signing Free Trade Agreements with countries.

These FTAs eliminate barriers to trade significantly. This includes tariffs, improving intellectual property rights, and more.

In addition, they improve laws protecting intellectual property rights, open up government procurement opportunities, and easing investment rules.

The world of trade between countries are changing rapidly at this point. These new trade agreements require credit valuation adjustments across the board including foreign currency exchange rates.  Mondaq   Trade   Cornell Law

WATCH THE WATER.

© Goldilocks.

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"The network value-to-transaction ratio, or NVT ratio, is a proposed approach that is determined by dividing the market capitalization of a digital asset by the transaction value during a certain time period. These are the important metrics that help in the valuation of digital assets."

The above information is exactly what will begin happening at some level when our new regulated digital assets become law on June 30th.

We will go through a process of credit valuation adjustments based on demands for their use and corresponding underlying assets that support what used to stand alone in the traditional markets.

Backing traditional assets with gold and other commodities will change the way we look at the price of these assets going forward.

During this time, we can expect to see caps on gold released for many of these new digital assets to find a real value as we approach January 1st, 2025.

The first of next year is when the expectation for Basel 3 compliant measures to be fully complete. At that time, solid rates will become possible for many of the assets a trader will hold.

Price fluctuations across the board between now and then are expected including Forex. Our markets will be in process of finding real values.  Eqvista   MoodysAnalytics

© Goldilocks
~~~~~~~~~

Crypto Regulations Act update for the US:

"Today, the House Committee on Rules publicly noticed its intent to consider the Financial Innovation and Technology for the 21st Century (FIT21) Act, clearing a pathway for a floor vote later this month.

The FIT for the 21st Century Act is an important first step towards achieving regulatory clarity for digital assets. FIT21 provides the robust, time-tested consumer protections and regulatory certainty necessary to allow the digital asset ecosystem to flourish in the United States."

After this vote, you can expect movement towards the Senate to come soon after in order to meet those deadlines for June 30th, 2024 for the European Union.

China is already in the regulatory process, and expected to coordinate with a global efforts of Europe and the US.  House Financial Services   DailyCryptoNews

© Goldilocks

~~~~~~~~~

Global Banking Announcement:

This is a note to follow up on the banker who went into foreign currency exchange training last week.

The banks now have the capability to send wires in every currency around the world with the exception of the Iraqi dinar.

There will be much faster settlement times utilizing a country's own currencies for the exchange.

This makes sense to me due to the fact that Dee and I have been told that the IQD would not float. It will be given a revalued rate.  

What is important to take from this piece of Intel is, for this Bank, these new procedures began today.

This does not mean that all Banks have started these protocols yet, but it does mean that expectations are high that they begin.

© Goldilocks

~~~~~~~~~

"Navigating the New Frontier: Updates to Federal Onshore Oil and Gas Leasing Rules and Regulations" | JD Supra

These new rules and regulations for the oil sector have reached their final stages. And now, the transition into the energy sector of our markets that includes solar power and electric cars will proceed.

© Goldilocks

~~~~~~~~~

SAN FRANCISCO, May 9, 2024 — WisdomTree Prime Launches to 41 States, Leveraging Stellar Network for Enhanced Digital Asset Services | Crypto News

WisdomTree, a notable asset management firm, has launched its innovative financial app, WisdomTree Prime, to cover 75% of the U.S. population across 41 states despite shareholder wishes.

This strategic extension is powered by the Stellar Development Foundation, which supports the app’s robust digital asset services. (https://www.crypto-news.net/tokenization-government-money-fund/) 

WisdomTree has integrated Stellar’s efficient transaction platform to power WisdomTree Prime, aligning with its goal to streamline financial operations for its users.

~~~~~~~~~

WisdomTree Digital Trust Company, LLC. |  Wisdom Tree Inc

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ASEAN - The key Player in the Indo-Pacific Region - Indian Defence Review

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Dow Gold Ratio: Stocks vs Gold Charts | SD Bullion

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Hong Kong and Saudi Arabia Consider Establishing ETF - Claps

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Alternative Trading Systems (ATSs) | Investor Gov

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Zimbabwe set to be invited to join BRICS | The Zimbabwe Mail 

👆  Goldilocks pointed to this article

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Currently, indications are pointing at Zimbabwe, together with Argentina and Saudi Arabia, being officially announced as new members of the NDB at the BRICS summit to be held in South Africa this August. |  Herald

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Institutions Coming In! Pivotal Moment For XRP! | Youtube

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RIPPLE VS. SEC

Tomorrow on May 13th:

Parties and any third parties file omnibus letter motions and also file proposed redactions to such materials!

As @attorneyjeremy1 said: We‘re just waiting for the judge now!  #Ripple   Twitter

~~~~~~~~~

BREAKING NEWS Iraq at Odds w/OPEC Over Oil Production Cuts | Youtube

~~~~~~~~~

When You Put Money in the Bank annnddd It's Gone - SOUTH PARK | Youtube

~~~~~~~~~

Crash Landing Ahead? Fed May Cut Rates but We’ve Run Out of Time | Youtube

~~~~~~~~~

The Gold Team Breaking down Goldilocks. Their backgrounds is why Goldilocks gave them all the Gold Seal of approval.   Goldilocks QFS   Goldilocks Q A   Saturday Night Live Call

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The Association of Private Banks praises the direction of the Iraqi Central Bank to establish digital banks | Search 4 Dinar

Economy News – Baghdad

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, praised the Central Bank’s direction to establish digital banks to keep pace with the great development in the global banking sector.

In an interview with “Economy News”, Tariq said that “the world is moving towards digitizing banking services, and Iraq has started its first steps in establishing digital banks, as so far there is a licensed digital bank inside Iraq, and provides its services naturally to the public.”

~~~~~~~~~

Why is Crude oil price crashing? | Youtube

~~~~~~~~~

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Iraq Economic News and Points to Ponder Monday Afternoon 5-13-24

Iraq Economic News and Points to Ponder Monday Afternoon 5-13-24

An Economic Expert Warns Against Excessive Selling Of The Dollar At The Currency Auction

Monday 13, May 2024 15:58 | Economical Number of readings: 160  Baghdad / NINA / Economic affairs expert, Raad Tawij, warned today, Monday, against excessive selling of the dollar in the currency auction.  Twig said in a statement to the National Iraqi News Agency ( NINA ) that, "It is surprising that the Central Bank of Iraq has excessively sold the dollar at a rate of 275 million dollars per day, at a value of 1,400 million dollars during the past week."

He stressed that "these amounts sold are above Iraq's consumer needs or the cash supply is above the level of cash demand, and such a matter will represent a depletion of Iraq's cash reserves."

The economist continued, “It is possible to control or reduce by reducing unjustified monetary demand within the framework of a strict monetary policy.” https://ninanews.com/Website/News/Details?Key=1126341

The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks

Economy News – Baghdad  The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.

Tariq said in an interview with Al-Iqtisad News, “The world is moving towards the digitization of banking services, and Iraq has begun its first steps in establishing digital banks, as until now there is a digital bank licensed inside Iraq, and it provides its services normally to the public.”

He pointed out that "the Central Bank of Iraq issued instructions to license banks, which set their number at a rate not exceeding 10% of the total banks operating inside the country, with a capital of 100 billion dinars, with traditional banks participating at a rate of 30%."

He added, "Digital banks are similar to traditional banks, but they differ in that they do not have branches, and most of their services are via mobile phones," noting that the size of central banks in the world has increased significantly and has reached more than 500 digital banks.

Tariq noted that “traditional banks are still providing their services through applications, and they are keeping pace with the development taking place in the banking sector.”

193 views  05/13/2024 - https://economy-news.net/content.php?id=43371

Al-Sudani Chairs The First Meeting Of The Supreme Committee For Digital Transformation

Monday 13, May 2024 16:56 | Political Number of readings: 148 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani chaired, today, Monday, the first meeting of the Supreme Committee for Digital Transformation./

https://ninanews.com/Website/News/Details?key=1126346

Involving And Integrating The Private Sector Into The Investment Map For Sustainable Development

Samir Al-Nusairi  Economy News – Baghdad  Within the activities carried out by the Ministry of Planning in implementation of the government curriculum and the government strategy to support and develop the sector

Private sector and its integration into the implementation of the Sustainable Development Goals Investor Map, which was launched yesterday

It discussed in detail the main challenges facing the private sector and the main goals aimed at achieving its effective contribution to improving the investment environment.

While we agree on what is stated in the map, we emphasize the necessity of adding the basic pillars contained in the private sector development strategy, in particular its three time stages and four pillars, what has been achieved since its launch in 2014, and what has not been achieved.

It is also necessary to clarify what has been achieved from Iraq’s Vision 2030, which clearly charted the path to...

Reaching a strong and developmental private sector, in addition to determining what was achieved during the implementation of previous development plans

The economic, financial and banking reform strategy contained in the government’s curriculum of the current government, and what is the real role through which the private sector must contribute with participation and government support in managing the overall economy.

This requires providing a legislative environment and a stable business environment and focusing on the axes that aim to build sound premises for the transition to economic reform. This is what we all agree on, but this requires that the government and the private sector in all its fields of banking, industry, agriculture, energy, health, building, construction, tourism and services participate and cooperate in implementing the interim, medium and long-term economic reform strategy.

This means involving the private sector in a greater role in economic decision-making and market leadership, institutionally and legislatively, through the following:

1- Contributing with the government to improving the business environment in Iraq and providing an encouraging investment climate to attract national and foreign capital.

2- Contributing with the government in creating a new legislative environment based on Article 25 of the Permanent Constitution and strategies and laws for economic reform.

3- Sustaining and activating the partnership, dialogue and cooperation between the private sector and the government by taking rapid measures to activate the Private Sector Development Council and begin its work under the chairmanship of the Prime Minister.

4- Work with the government to provide additional funding sources for the state’s general budget by adopting the development and diversification of resources towards raising the proportion of resources other than oil in the gross domestic product. Activating the real economy

5- Working to encourage the establishment and development of micro, small and medium enterprises in order to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose and issuing a special law for the development and development of these projects and determining their economic feasibility and benefiting from the Riyada initiative launched by the Prime Minister, the National Mortgage Strategy and the Riyada Bank. Which the Central Bank is working to launch this year.

6- Activating the role of specialized banks and private banks to provide soft loans to the national private sector.   Views 106 05/13/2024 - 11:59 AM   https://economy-news.net/content.php?id=43378

Iraq's Internal Debt Rises To More Than 76 Trillion Dinars

Money  and business  Economy News – Baghdad  A new economic statistic revealed that the total internal debt in Iraq rose last April to more than 76 trillion dinars.

According to the statistics published by the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, and viewed by Al-Iqtisad News, the total internal debt in April 2024 rose to reach 76.9 trillion dinars, an increase from the month of March 2024 by 5%, as the total debt was Iraq's internal debt is 73.2 trillion Iraqi dinars, which is 10.39% higher than in April 2023, as the total internal debt at that time was 69.7 trillion Iraqi dinars.

Bonds launched by the Ministry of Finance under the management of the Central Bank also increased by an annual rate of 138%, in addition to an increase in government bank loans to reach 6 trillion dinars, according to Al-Obaidi, who confirmed that the internal debt currently represents 20% of the gross domestic product.   Views 106 05/13/2024 - https://economy-news.net/content.php?id=43382

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Nebraska Becomes 12th State to End Taxes on Gold and Silver Sales

Nebraska Becomes 12th State to End Taxes on Gold and Silver Sales

Sunday, 12 May 2024, 21:50 PM

Executive Director of the Sound Money Defense League   5/8/2024

With Gov. Jim Pillen’s recent signature, Nebraska has become the 12th state to end capital gains taxes on sales of gold and silver.

LB 1317 is the fourth major sound money bill to become law this year, as state lawmakers across the nation scramble to protect the public from the ravages of inflation and runaway federal debt.

Under the new Nebraska law, any “gains” or “losses” on precious metal sales reported on federal income tax returns are backed out, thereby removing them from the calculation of a Nebraska taxpayer’s adjusted gross income (AGI).

Supported by the Sound Money Defense League, Money Metals Exchange, and in-state advocates, Nebraska’s sound money measure passed out of the unicameral legislature’s Revenue committee unanimously before being amended into a larger bill.

Sponsor Sen. Ben Hansen said upon news of the formal enactment of his legislation:

Gold and silver are the only forms of currency mentioned in our Constitution and with that comes the people’s ability to use it as such without penalty from the government. Saving, and using, gold and silver is our right and one of the only checks and balances to our federal government’s unending devaluation of our paper currency.

Taxpayers often realize ‘gains’ when converting the monetary metals back into Federal Reserve notes even though the ‘gains’ do not reflect an increase in real value but rather reflect the currency’s ongoing devaluation.Despite the lack of “real” gains, the Internal Revenue Service imposes capital gains taxes on such transactions. Nebraska has now opted out at the state level, declining to carry the IRS’s position into the definition of Nebraska income.

Jp Cortez, executive director of the Sound Money Defense League, explained during his testimony before the Revenue Committee that the ferocious wave of inflation facing Nebraskans is largely caused by harmful actions of the Federal Reserve: The state can take a different course and provide Nebraska citizens cleaner access to gold and silver ownership – and these metals are not only a proven inflation hedge but states all over the country are remonetizing constitutional sound money in the form of gold and silver.

Eleven other states already do not charge an income tax on sales of precious metals, with Arkansas, Arizona, and Utah recently enacting such laws. Meanwhile, Iowa, Georgia, Oklahoma, Missouri, West Virginia, and Kansas have been considering similar legislation in 2024.

“Investments in precious metals coins and bullion in Nebraska are now rightly exempt from both sales tax and income tax,” said Stefan Gleason, CEO of Money Metals and Chairman of the Sound Money Defense League.

Neutralizing Nebraska’s income tax treatment of the monetary metals removes significant disincentives in the Cornhusker State against the ownership and use of the monetary metals.

Meanwhile, LB 1317 revises the state’s formal definition of money by adding language that states: “Money does not include central bank digital currency.”

The new law defines central bank digital currency as “a digital medium of exchange, token, or monetary unit of account issued by the United States Federal Reserve System or any analogous federal agency that is made directly available to the consumer by such federal entities. Central bank digital currency (CBDC) includes a digital medium of exchange, token, or monetary unit of account so issued that is processed or validated directly by such federal entities.”

Sen. Hansen said: “I believe we have to be extra vigilant in our assessment and application of a Central bank digital currency to make sure they do not become a danger to our freedom. That’s why we defined in LB 1317 that CBDC’s are not classified as currency in Nebraska, which should help protect against unwarranted mandates for their use in the future.”

Versions of this “anti-CBDC language” have advanced or signed into law in Tennessee, North Carolina, and Florida, South Dakota, and Indiana . Congressman Alex Mooney has also introduced a federal measure to block the Federal Reserve’s digital currency scheme.

In his testimony, Cortez discussed the potential risks of adopting a CBDC, including creating a greater ability to track all financial transactions, disallowing certain types of purchases, or even completely “turning off” a targeted individual’s access to money.

Nebraska joins Utah, Wisconsin, and Kentucky as states to have enacted pro-sound money legislation into law so far in 2024.

Currently ranked 22nd in the 2024 Sound Money Index, Nebraska’s ranking is expected to rise.

https://dinarchronicles.com/2024/05/12/nebraska-becomes-12th-state-to-end-taxes-on-gold-and-silver-sales/

“Tidbits From TNT” Monday 5-13-2024

TNT:

CandyKisses:  Minister of Commerce stresses the importance of creating a state of balance in the economy and enhancing financial stability

Economy News _ Baghdad

Trade Minister Atheer Dawood Al-Gheriri stressed on Monday the importance of creating a balance in the economy and enhancing financial stability.

According to a statement of the ministry received by "Economy News", that "Minister of Trade Atheer Dawood Al-Gheriri, headed the delegation of the Republic of Iraq in the meetings of the Economic and Social Council at the level of ministers that began in Manama under the umbrella of the League of Arab States in preparation for the holding of the 33rd session of the Arab Summit in Bahrain."

This meeting comes in light of many important and accelerated changes and developments in the world and our region, especially in light of the economic and social crises and their repercussions, which requires strengthening our Arab environment by coordinating our national policies to deal with international challenges positively and effectively in accordance with the developments of the global economy," Al Ghuriri added in his speech during the meetings.

He added that "the files on the agenda are of great importance, especially those related to the Greater Arab Free Trade Area and the establishment of the Arab Customs Union, in addition to files related to the health sector and financial security, which constitute basic pillars to support sustainable development and economic integration."

Al Ghurairi stressed the importance of supporting all efforts and cooperation in order to achieve the desired goals and enhance economic integration, stressing the importance of creating a state of balance in our economy and enhancing financial and economic stability.

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Tishwash:  5/11 Iraq , Tunisia sign bilateral agreements in several areas

The Iraqi government signed ,on Sunday, bilateral agreements with Tunisia in several areas.
 
The agreements and understanding memorandums included the following:

- The Ministry of Education signed an executive program memorandum for educational cooperation for the years 2024, 2025 and 2026, with the Tunisian Ministry of Education.
 
- The signing of the annex to the amendment of the memorandum of understanding in the fields of youth and sports between the minister of youth and sports Ahmed Al-Mubarqa, and the Tunisian Minister of Foreign Affairs and immigration Nabil Ammar .

- A memorandum of understanding in the field of pharmaceutical and health cooperation between the Iraqi and Tunisian ministries of Health, represented by the Iraqi Ministry of Health, Minister Saleh Al-Hasnawi, and the Tunisian Ministry of Health, Tunisian Foreign Minister Nabil Ammar.
  
- A memorandum of understanding in the security field between the Iraqi Ministry of Interior and the Tunisian Ministry of Interior, on the Iraqi side, minister Abdul Amir al-Shammari and the Tunisian side, Tunisian Foreign Minister Nabil Ammar.

- A memorandum of understanding in the field of Labor and social affairs between the Ministry of Labor and Social Affairs, represented by Minister Ahmed Al-Assadi and the Tunisian Ministry of Social Affairs represented by Tunisian Foreign Minister Nabil Ammar.
 
- Memorandum of understanding for technical cooperation between the Iraqi Ministry of Labor and Social Affairs and the Tunisian Ministry of Social Affairs.

- A memorandum of understanding in the field of vocational training and employment between the Iraqi Ministry of Labor and Social Affairs and the Tunisian Ministry of Social Affairs.

- A memorandum of understanding in the field of traditional industries between the Ministry of industry and minerals represented by its minister Khaled Batal and the Tunisian Ministry of industry and energy represented by Tunisian Foreign Minister Nabil Ammar.
 
- A memorandum of cooperation in the field of religious affairs between the Iraqi Ministry of Culture, Tourism and antiquities represented by Minister of Culture Ahmed Fakak Al-Badrani, and the Tunisian Ministry of Tourism represented by Tunisian Foreign Minister Nabil Ammar.

- A memorandum of understanding in the field of civil protection between the Iraqi Civil Defense Directorate, represented by its director, Major General Mohsin Kadhim Alak, and the Tunisian civil defense and protection service, represented by the Tunisian ambassador in Baghdad.
 
- A memorandum of understanding between the Baghdad Secretariat, represented by Secretary Ammar Moussa, and the municipality of Tunis, represented by the notary of the municipality of Tunis.
 
- A memorandum of understanding in the field of Archives between the Iraq National Library and Archive represented by the director general of the Department of cultural relations and the Tunisian National Archives represented by the Tunisian ambassador in Baghdad.

- Memorandum of understanding between the Union of Iraqi chambers of Commerce and the Union of Tunisian chambers
 
- Memorandum of understanding between the Union of Iraqi contractors and the Chamber of Tunisia.
 
- Signing the minutes of the meeting of the Joint Committee between Iraqi foreign ministers Fuad Hussein and Tunisian Foreign Minister Nabil Ammar.

- Memorandum of understanding in the field of developing trade exchanges between the Republic of Iraq and the Ministry of trade and export development of the Republic of Tunisia.
 
- Memorandum of understanding on the environmental side on the Iraqi side minister Nizar Mohammed and the Tunisian side Foreign Minister Nabil Ammar.
 
- Memorandum of understanding between the Iraqi federation of industries and the Tunisian Federation.   link

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CandyKisses: Iraq signs MoU with Honeywell to support energy sector

Baghdad today - follow-up

Today, Monday (May 13, 2024), Iraq signed a memorandum of understanding with the American company "Honeywell" to support the energy sector in the country.

Honeywell CEO Ken West said in a press statement, followed by Baghdad Today, that "these agreements allow the company to explore opportunities for strategic cooperation in Iraqi oil and gas fields, including stopping the burning of gas associated with production operations and providing development, automation and control services." Remote monitoring.

He added, "The memorandums of understanding were signed during a meeting hosted by the American Chamber of Commerce, accompanied by members of his team, with the participation of Prime Minister Muhammad Shiaa Al-Sudani, along with an elite group of high-level officials in the government and prominent companies in the private sector."

"Honeywell has made significant achievements in Iraq, and we look forward to bringing these agreements into effect," West said, stressing that "there is huge potential for growth and cooperation to enhance the levels of reliability and sustainability of the energy sector for Iraqis across the country."

"These agreements come as part of Honeywell's commitment to provide the best global solutions and expertise to help raise the levels of efficiency and sustainability within the country's energy sector. It also reflects the company's efforts to align and strengthen its portfolio with three mega trends, including the energy transition."

Mohammed Shabout, president of Honeywell in Iraq, said, "These agreements reflect the firm commitment of Honeywell and the private and public sectors in Iraq to continue working on modernizing and developing the local industry."

"The focus is increasing on the energy sector where we all have to invest in the necessary technology and work to provide a better energy future for the entire region," he said.

Honeywell has been operating in Iraq since the seventies and recently appointed Mohammed Shabout as the company's regional head of Iraq.

Mot: .. uh oh 

Mot: ... tough being a mum

Goldilocks' Comments and Global Economic News Monday AM 5-13-24

Goldilocks' Comments and Global Economic News Monday AM 5-13-24

Good Morning Dinar Recaps,

The link below provides information on Vietnam's review by the US Department of Commerce regarding Vietnam's ability to move into a Market Economy.

My understanding from the previous article on Vietnam reviewed is that this is not a graded review. It is simply a valuation of the types of goods and services they can provide comprehensively.

Vietnam is showing steady growth in several areas of their Market. Their potential to increase National Capital Investment opportunities on a Global scale is evident.

Clearly, hurdles are being cleared for Vietnam to move into a Market Economy. A Market Economy will allow them to freely move their money  through supply and demand.

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Credit Valuation Adjustments on their currency will be determined by Vietnam's ability to move their goods and services near and far at competitive rates.

© Goldilocks

https://vietnamnet.vn/en/vietnam-business-news-may-12-2024-2279536.html

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Vietnam's Foreign Exchange Rate Review:

HCMC (Saigon) inspects authorized foreign exchange agents.

The State Bank of Vietnam-Ho Chi Minh City Branch (SBV-HCMC) has urged commercial banks to conduct inspections of their authorized foreign exchange agents and submit reports on the findings to the SBV-HCMC no later than June 15, 2024.

The SBV-HCMC has issued a letter requesting commercial banks and branches of foreign banks authorized to engage in foreign exchange activities within the city to conduct inspections of the authorized foreign exchange agents appointed by commercial banks.

Accordingly, commercial banks are required to inspect their authorized foreign exchange agents, covering compliance with legal regulations, adherence to foreign exchange agency contracts, identification of any existing limitations or misconduct, and the outcomes of any corrective actions taken.

The SBV has urged commercial banks to conduct these inspections on authorized foreign exchange agents appointed by banks to ensure compliance with regulations governing foreign currency transactions and the appropriate use of foreign currency, thus contributing to promoting the development of production and business activities, import-export, tourism, and services.

Simultaneously, commercial banks authorized to delegate foreign exchange agents must strictly adhere to all legal regulations regarding the delegation of authority to economic organizations to ensure that the appointed agents comply with legal requirements, adhere to contracts, and play a crucial role in stabilizing foreign exchange rates, the foreign exchange market, and socio-economic development.

VietnamNet

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Peter Schiff: Gold, Silver 'Ready to Explode Higher' — Sees 'Biggest Precious Metals Bull Market in History' – Markets and Prices Bitcoin News

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US Scrutiny of Tether Could Disrupt Crypto Ecosystem, Ripple CEO Warns – News Bytes Bitcoin News

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Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain | CoinTelegraph 

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JPMorgan’s Onyx to industrialize blockchain PoCs from Project Guardian |  CoinTelegraph 

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IMF Official: Countries Are Reevaluating Their Reliance on the US Dollar – Economics Bitcoin News

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BRICS joining hands with North Korea to fight against US dollar dominance?  | The News

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The Ticking Time Bomb Has Started For Tether! When It Erupts, EVERYTHING WILL FALL Including XRP!! | Youtube

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Recession has begun since October of 2023 | Youtube 

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